DANNY Alexander yesterday insisted “no means no” as he ruled out a currency union between Scotland and the rest of the UK – for good.

The Chief Secretary to the Treasury described calls for a monetary union between an independent Scotland and the rest of the UK like “embarking on a damaging divorce but insisting on still sharing a credit card”.

Alexander used his speech in Edinburgh to the National Association of Pension Funds (NAPF) to dismiss suggestions that the rejection of a monetary union, which would see an independent Scotland keep the pound, was a politically-motivated and tactical move.

A formal monetary union was ruled out by Chancellor George Osborne, Alexander and Labour Shadow Chancellor Ed Balls several weeks ago. Scottish ministers said the announcement was a “campaign tactic”.

On Wednesday, Holyrood’s economy committee were told by the leader of the fiscal commission working group, Crawford Beveridge, Osborne was not being serious.

But Alexander said: “I’ve seen some people suggest we are not serious about refusing a currency union.

“Let’s call this the John McEnroe defence. Except in this instance it’s not just one person they’re shouting at, but three.

“And our decision – taken in the best interests of Scotland and the rest of the UK – is final. No matter how much of a racket they make, it isn’t going to change.”

Alexander reiterated calls for the Scottish Government to “deal with the consequences” of the rejection of a monetary union, and publish a so-called Plan B.

He argued the SNP’s Plan A wouldn’t be in the interests of the rest of the UK, because it would decrease economic sovereignty and increase the risk of having to bail out a foreign country.

Investment and savings business Alliance Trust yesterday became the latest company to highlight uncertainty created by the referendum.

The firm announced in their annual report that they will set up additional companies in England as a precaution to protect their customers regardless of the outcome of the vote on September 18.